Global Holdings Acquires Instrata Nomad for $380M

Wells Fargo provided the debt.

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Global Holdings Management Group has officially closed on its purchase of the Instrata Nomad, paying $380 million for the luxury apartment building, sources told Commercial Observer.

Wells Fargo provided the acquisition financing, although the loan amount couldn’t immediately be ascertained.

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Eastdil Secured brokered the sale and also negotiated the financing, sources said.  

The asset, at 10 East 29th Street, includes 392 market-rate units and comprises 408,000 square feet. 

CO first reported in October that Global Holdings would snap up the 50-story property from L.A. pension fund Los Angeles County Employees’ Retirement Association (LACERA)—which was being advised by Invesco Real Estate—for roughly $400 million.

Sheppard Mullin represented the pension fund in the transaction.

In April 2019, LACERA announced plans to sell off up to $1 billion of its $6.4 billion in real estate holdings in an attempt to bring the portion of its total investment dedicated to the sector down to 7 percent. The sell-off was expected to include roughly $500 million in multifamily assets.

Officials at Global Holdings and Eastdil declined to comment. Officials at Wells Fargo weren’t immediately available for comment.